Nifty Analysis

Nifty is currently taking support from previous week high which is near 16400 and a break below this can take nifty to 16200 which is the last support for the index post this we can see nifty at 15900-15800. On the upside resistance is at 16970 & 17200 which are also near Fibonacci levels of 0.5% & 0.618%